IBM has put out a new report on Social Businesses. In this report IBM attempts to move the discussion of Social Business away from the marketing and communications/promotion aspect of business and more into the world of how businesses are responding to their market, to clients, to customer service issues and so on, as well as ways to use social internally to improve your business practices. IBM thinks this is a vital new role for every business and wants to illustrate that with this report.
“A social business is an organization whose culture and systems encourage networks of people to create business value. Social businesses connect individuals, so they can rapidly share information, knowledge and ideas by having conversations and publishing informal content. They analyze social content from multiple channels and sources, in addition to structured data, to gain insights from both external and internal stakeholders. When those things happen, innovation and business execution rates increase, better decisions are made, and customers and employees are more engaged and satisfied. Social businesses enjoy lower operating costs, faster speed-to-market, improved customer and employee engagement, and increased profitability.”
The report is well worth the 10 page read. It details how social business has the ability to grow business as much as 1.4 Trillion dollars in just four sectors. They have developed best practices for using social in just about every aspect of a business, from Human Resources to Internal Communications to Customer Outreach. Using social to realize the human potential in your company will be THE biggest and best way to help your company reach it’s greatest potential.
“adding social features and mobile access to CRM applications increased the productivity of sales people by 26.4 percent”
The IBM study really emphasizes the need to analyze your social media interactions, measuring for ROI. It goes through nearly every business phases, illustrating the need for social media in each phase and how it can lead to improved onboarding, profitability, communication and an increase in sales. The categories covered are:
- Social Business Patterns
- Finding Expertise
- Gaining External Customer Insights
- Increasing Knowledge Sharing
- Improving Recruiting and On-Boarding
- Managing Mergers and Acquisitions
- Enabling and Improving Workplace Safety
This study was really interesting to read, very timely and worthwhile. I think some of my cohorts here at TKG will find it interesting and useful, too! Give it a read and let us know your thoughts, and if we can help you implement any or all of these practices within your business.